What to do if your bank is involved in the Panama Papers leak


The Panama Papers is a massive leak of documents from an anonymous source. There are 11.5 million records that contain financial and legal information dating back four decades, including  data about 214,000 offshore companies. Allegedly these records are all connected to a Panama law firm, Mossack Fonseca.


Now, we've already gotten emotional about this issue (you can watch here). I won't rehash all the reasons why, but basically:

  • The leaked information was criminally obtained material
  • Not everyone in the documents were criminals trying to hide money in offshore accounts
  • Innocent people could suffer because of this leak


US officials and the IRS had been pretty quiet about the Panama Papers, but…US officials just revealed to NBC News that they have taken part in 2 global meetings to plan how to use the leaked documents to “catch criminals”.


What to do if you are worried about being brought down by the Panama Papers

If you are concerned that your bank or accounts might be associated with the Panama Papers:

  1. Get on top of this immediately.
  2. Do not go straight to the IRS
  3. If you are pretty sure you are in compliance, get a second opinion anyway. Even great CPAs and tax attorneys can make errors on foreign reporting.
  4. If you are pretty sure you are not in compliance, you may need criminal white collar tax defense attorney right now. In addition, you really want to correct any underlying civil tax and FBAR issues and pay any taxes due prior to indictment, plea or sentencing. Not only can this reduce sentencing guidelines, it can completely undermine the criminal case the DOJ is trying to build against you.


If you want a first, second, or even third opinion, contact us. We can schedule a consultation in person or over the phone, and it would be subject to the attorney-client privilege. Call us at 888-727-8796 or email info@irsmedic.com.